January 18, 2016 / 12:31 PM / 2 years ago

CANADA STOCKS-Futures gain after oil prices pare losses

3 Min Read

Jan 18 (Reuters) - Stock futures pointed to a higher opening for Canada's main stock index on Monday after oil prices retreated from multi-year lows.

March futures on the S&P TSX index were up 0.31 percent at 7:15 a.m. EST (1215 GMT).

No major economic events are scheduled for the day. .

Canada's main stock index fell more than 2 percent on Friday as a further slide in crude oil prices weighed heavily on energy shares, while jitters about domestic and global economic growth hit banks and industrial and consumer names.

Dow Jones Industrial Average e-mini futures were up 0.31 percent at 7:15 a.m. EST, while S&P 500 e-mini futures were up 0.35 percent and Nasdaq 100 e-mini futures were up 0.37 percent.

U.S. stock markets are closed on Monday for the Martin Luther King Jr. holiday. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

Top Stories

Oil and gas producer Suncor Energy Inc said it had reached an agreement to buy Canadian Oil Sands Ltd after raising its all-stock offer, valuing the deal at about C$4.24 billion ($2.93 billion) excluding debt.

Iran has issued an order to increase crude oil production by 500,000 barrels a day, the deputy oil minister was quoted as saying on Monday, implementing its policy to boost production as soon as sanctions were lifted.


Gold futures : $1,089.70; -0.09 pct

US crude : $29.57; +0.58 pct

Brent crude : $29.26; +1.07 pct

LME 3-month copper : $4,378.50; +1.10 pct

Analyst Research Highlights

Melcor Developments Ltd : RBC cuts target price to C$16 from C$18

Westjet Airlines Ltd : National Bank Financial cuts target price to C$24 from C$26; rating "outperform"

u.s. Economic Data Due on Monday

No major data is scheduled for release

For Canadian Markets News, Click on Codes:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1= C$1.45) (Reporting by Nikhil Kumar in Bengaluru; Editing by Paul Simao)

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